15 Mar
Member News

EU Commission Publishes Documents on EU-U.S. Privacy Shield

Subsequent to our last client information letter, we would like to inform you today about current developments regarding the EU-U.S. Privacy Shield. On 29 February 2016, the EU Commission published a collection of documents on the EU-U.S. Privacy Shield that are to regulate the framework conditions of data transfer to the U.S.A. in the future. The published documents specify the agreement on the content of the key points of the treaty reached between the EU and the U.S.A. about a...

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15 Mar
Chapter News, Trade & TTIP Related

Commission proposes new Investment Court System for TTIP and other EU trade and investment negotiations

The European Commission has approved its proposal for a new and transparent system for resolving disputes between investors and states – the Investment Court System. This new system would replace the existing investor-to-state dispute settlement (ISDS) mechanism in all ongoing and future EU investment negotiations, including the EU-US talks on a Transatlantic Trade and Investment Partnership (TTIP). The proposal for an Investment Court System builds on the substantial input received from the European Parliament, Member States, national parliaments and stakeholders...

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15 Mar
Chapter News

European Commission adopts equivalence decision for CCPs in USA

The European Commission grants the USA the equivalent regulatory regime for central counterparties as the European Union. The European Commission has determined that the U.S. Commodity Futures Trading Commission (CFTC) has the equivalent requirements as the EU in regulating central counterparties ('CCPs'). This follows the announcement of 10 February 2016 by Commissioner Hill and CFTC Chairman Timothy Massad on a common approach for transatlantic CCPs. This decision will ensure that both EU and US CCPs operate to the same high standards...

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14 Mar
Chapter News

EC and IMF Meet to Further Strengthen Partnership

European Commissioner for International Cooperation and Development, Neven Mimica, and International Monetary Fund (IMF) Deputy Managing Director, Carla Grasso, met on March 14, 2016 in Brussels to discuss the further strengthening of the EC-IMF partnership. The EC and the IMF are natural strategic partners, with both institutions having a long track record of supporting economic reforms in their developing partners (EU) and member countries (IMF), including, for example, in the areas of  mobilizing domestic revenue, improving public financial management, and...

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11 Mar
Chapter News, Trade & TTIP Related

Cecilia Malmström stresses importance of EU-US cooperation on trade in visit to Washington D.C.

The European Union’s Commission for Trade, Cecilia Malmström is in Washington D.C., to stress the importance of deep cooperation between the European Union and the United States on trade issues. In a speech at the Peterson Institute for International Economics, she argued that on both sides of the Atlantic the long consensus around open markets was now the subject of intense debate. Governments needed to respond to concerns raised in those debates by making trade policy more economically effective and...

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11 Mar
Chapter News

Vítor Constâncio: In defence of Monetary Policy

Opinion piece by Vítor Constâncio, Vice-President of the ECB, 11 March 2016 This week the ECB adopted new measures to reinforce its monetary policy in the face of recent headwinds. That decision was taken against a backdrop of vocal scepticism in the media and markets. The sceptics’ reasoning is two-pronged. First, that monetary policy is not sufficient to address the present low growth trend; and second, that monetary policy is increasingly ineffective in any case. The notion that monetary policy alone cannot...

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10 Mar
Member News

New STEM OPT Extension Rule Brings Welcomed Relief to Employers and International Students

On March 9, 2016, U.S. Department of Homeland Security (DHS) released an advance copy of the final rule pertaining to optional practical training (OPT) for certain students with degrees in science, technology, engineering, or mathematics (STEM). The official version of the final rule is scheduled to be published in the Federal Register on March 11, 2016. The new rule will permit employers to retain the talents of certain individuals currently dependent on an F-1 nonimmigrant student visa for a...

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10 Mar
Chapter News

ECB press conference Introductory statement (updated with Q&A transcript)

Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt am Main, 10 March 2016 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis. Based on our regular economic and monetary analyses, we have conducted a thorough review of the monetary policy stance, in which we also...

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10 Mar
Chapter News

U.S.-Canada Joint Statement on Climate, Energy, and Arctic Leadership

President Barack Obama and Prime Minister Justin Trudeau share a common vision of a prosperous and sustainable North American economy, and the opportunities afforded by advancing clean growth.  They emphasize and embrace the special relationship between the two countries and their history of close collaboration on energy development, environmental protection, and Arctic leadership.  The two leaders regard the Paris Agreement as a turning point in global efforts to combat climate change and anchor economic growth in clean development.  They...

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10 Mar
Chapter News

ECB lowers lowers interest rates to 0.00%: Introductory statement to the press conference

Mario Draghi, President of the ECB, Vítor Constâncio, Vice-President of the ECB, Frankfurt, Main, 10 March 2016 Ladies and gentlemen, the Vice-President and I are very pleased to welcome you to our press conference. We will now report on the outcome of today’s meeting of the Governing Council, which was also attended by the Commission Vice-President, Mr Dombrovskis. Based on our regular economic and monetary analyses, we have conducted a thorough review of the monetary policy stance, in which we also took into account...

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